MERLIN Properties reported total revenues of €138 million in the first quarter of 2025, including €132.5 million in gross rents. Operating income amounted to €84.2 million, equivalent to €0.15 per share, the same figure as net profit for the period. EBITDA reached 102.0 million, an increase of 8.9% compared to the first quarter of 2024.
Like-for-like rental growth was 2.7%, while the portfolio's occupancy rate remained high at 96.7%. The net asset value stood at EUR 8,156 million, equivalent to EUR 14.47 per share. This figure remains stable, as the company only updates the valuation of assets in June and December.
The Loan to Value (LTV) ratio was 28.5%, with a liquidity position of EUR 2,402 million and an average maturity of 4.1 years. All maturities until November 2026 are covered by a combination of bank debt and bond issues. In March, the company signed a EUR 100 million unsecured bilateral loan at an interest rate of MS + 115 basis points.
MERLIN announced a final distribution against 2024 of EUR 0.22 per share, to be paid on 26 May. Together with the December distribution, the total amounts to EUR 0.40 per share.
Performance by segment
In the office business, comparable rents increased 2.9%. However, the release spread was slightly negative (-1.3%) due to the renewal of a large contract in Madrid. Without this effect, the release spread would have been +4.1%. Average occupancy remained high at 93.8%.
The logistics portfolio performed well in the quarter. Comparable rents grew 1.8% and the average increase in renewals was 4.7%. The occupancy rate reached 99.4%. In April, MERLIN delivered a 32,210 sqm warehouse to Worten and Noatum in Lisboa Park. In addition, the company has more than 580,000 sqm of land available for future development, of which 60% is already committed.
In the area of data centres, the facilities in Barcelona (PLZF) and Bilbao (Arasur) are fully leased. Including the Madrid centre (Getafe), leased or pre-leased IT capacity totals 45.2 MW. Construction is currently underway on the second building in Alava (BIO02-ARA) and the first in Lisbon (LIS01-VFX), both with a licence and capacity secured. MERLIN has also secured two new sites in Madrid with an initial capacity of 78 MW IT and a possible expansion of up to 130 MW.
In shopping centres, comparable rents grew by 2.8%, while operators' sales increased by 3.8% and inflows by 0.6%. These results compare with a particularly positive first quarter of 2024, being a leap year with Easter included in that period.
Investment and divestment activity
During the quarter, investment activity was limited. Of note was the purchase of the 1,931 sqm LOOM Salamanca space, which was already being operated by the Group, and the expansion of the data centre land bank with a new plot in Madrid-Tres Cantos.
In terms of divestments, MERLIN sold non-strategic assets for a total value of EUR 37.4 million, at a double-digit premium over the last valuation. Additional commitments of €15.6 million have also been signed, to be executed over the course of 2025.
